Headlines from the Proactive UK newsroom.
The FTSE100 recovered after a weak start as all eyes turned towards chancellor Rishi Sunak’s mini budget. The blue-chip index was 2 points lower at 6,187. The chancellor is expected to announce a VAT cut for retailers, a stamp duty holiday and housing insulation grants. Economists will focus on the cost, with the coronavirus bill said to be £300bn already.
Boohoo lost another 8% from its value as it announced the launch of a probe into how its suppliers operate. The fashion chain said it was shocked and appalled by the recent allegations about some suppliers.
Amigo Holdings PLC(LON:AMGO) shares soared on Wednesday as founder and former CEO Glen Crawford returned to the group. Crawford stepped down as CEO last year and Amigo’s share price has since plummeted.
Travelex, the airport foreign currency group, is to split in two after lenders agreed to £84mln in new funding as part of a debt restructuring. It lenders will also now run and own the business.
Iconic Labs PLC (LON:ICON) has signed a services contract with Greencastle Capital to manage the JOE media business, which has been bought out of administration following its collapse in May. The media technology firm said it will immediately manage all operational and commercial aspects.